November 4, 2025 03:18 PM GMT Greater China Technology Hardware | Asia Pacific Morgan Stanley Taiwan Limited+ M Update Power and Cooling Solutions – Implications from Eaton's Acquisition of Boyd Thermal On November 3, Eaton (ETN.N, OW, covered by Chris Snyder) announced an agreement to acquire Boyd Thermal for US$9.5bn, implying 22.5x 2026e EBITDA. Boyd Thermal is expected to generate revenue of US$1.7bn in 2026, of which US $1.5bn is in liquid cooling. The transaction is expected to close in 2Q26. Eaton no ...